Thanks for the information.
With such swings between versions it’s clear we won’t know what the final law will be until the actual vote. Real drama for sure.
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Chinese govt crackdown.
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So it’s been discussed in this forum that the Portuguese constitution prevents discrimination based on nationality. However, the cumulative effect of these new laws means a picture is emerging. The changes to the GV rules precluding investment in real estate and this law mandating the rental of empty houses will significantly impact one national group of GV holders and applicants: a national group that would overwhelmingly choose to buy a city apartment to qualify for a GV and be happy to leave it empty while they wait out the years for their new citizenship.
Do we have any Chinese citizens on this forum who can comment on how these changes are being debated in Chinese-language forums? It may provide some alternative insight that is not being unearthed in this English-language forum.
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There’s nothing preventing them from investing in something else, to read this as an attack on Chinese investors is goofy
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Hi Garrett. I don’t think you need to personally attack me as being goofy when I was just asking for a Chinese perspective on this.
You are correct that nothing prevents them investing in other qualifying funds but having lived in China for four years and therefore having an interest in Chinese behaviours I do know that they would choose to invest overwhelmingly in property and would be happy to leave it empty because this is what has helped fuel the property speculation bubble in mainland China which is widely reported upon.
I also did not say that this was an attack so I don’t know where you got that fantasy from. But rather that the law changes were going to significantly impact a particular nationality that historically has dominated the GV statistics and that their discussion on Chinese forums may be different and provide some alternative viewpoints.
If you don’t have any such insight then maybe you shouldn’t push “reply” with the express intention of insulting forum members who are here to understand perspectives of what’s going on in Portugal and how we could be impacted here.
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“discrimination on nationality” sounds like “attack” to me as well. I also agree with garrett, it is a bit of a stretch to say anyone more specific than “GV applicants” and “wasters of precious housing” are being targeted by this legislation.
But if Chinese people are the ones buying housing and leaving it empty, this part of the legislation definitely impacts them.
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As a Chinese investor,I selected the 280k project.Yes this is a project of the rehabilitation for the hotel.
I just show you guys my desicion and cannot represent the other Chinese investors.
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It’s like a who’s who of bad economic policy, christ.
Rent control is one of the things economists agree is bad for actually helping provide affordable housing. It helps those with rent controlled housing in the short term at the expense of everyone else, and at the expense of people in rent controlled housing long term, while destroying your own economy (because people are strongly disincentivized to move to where they will be most economically productive)
Never let the socialists govern I guess.
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So why would any landlord make upgrades to a property if they can only get a 15% increase in rent? Seems like properties are going to remain in disrepair under this.
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12,396 GVs granted total, 7,000 yet to be processed, < 200 being approved per month.
By my calculation, it will take infinity years for people applying now to receive pre-approval.
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Not a lot of details on the vote from last week has surfaced.
Tbis article talks about the backlog and mid article mentions that the fund route is still available excepting funds in real estate.
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Tomorrow the main committee meets at 3pm to ratify the text agreed last week between the parties in the working group. So at that point we may finally see the new draft.
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This just posted by Sara at Prime Legal. Make of it what you will.
Hi All!
The discussion in the speciality (Committee) in the parliament was postponed to 18th. It will be approved on the 19th in the plenary and it seems that there is no constitutional issues and President will approve it asap. We have one more week for final efforts
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If it’s approved on the 19th, do we have a sense when Costa will sign it into law? Also, do we know yet what the effective date of the changes will be?
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Same question from me - finalising an investment and expected to be ready before the 19th but the UK ACRO certificate is taking longer so was hoping to have until end of the month…
Yes, if this info is correct it will be “ASAP” after July 19.
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